Gold, diamonds, and iron ore form the core minerals of the mining sector with a new Mineral Development Policy and Mining Code being put in place to attract foreign investments. In 2013, the mineral sector accounted for 11% of GDP in the country and the World Bank has projected a further increase in the sector by 2017.
In Ethiopia, Tulu Kapi , on track for KEFI to be gold producer by 2017: o KEFI bought TK in Dec 13: 2Moz Resource , including 1M oz Reserve for $10/oz o Mining Licence Application submitted 6 Oct 14.
With the right approach, however, western Ethiopia will be a literal gold mine that could bring economic benefit to the region. What the Queen of Sheba may have known 3,000 years ago, the modern ...
INVESTOR GUIDE MINING IN ETHIOPIA 10 INVESTOR GUIDE MINING IN ETHIOPIA 11 Ethiopia has a history in mining, dating back to more than three millennia, especially in gold. Apart from gold, Ethiopias mineral potential is vast. With known occurrences of more than 30 metallic, industrial, agro and construction
Gold is Ethiopia39;s main mineral export and has been mined there since ancient times, primarily as alluvial or free gold. MIDROC Gold, one of the subsidiary companies administered under MIDROC Technology , acquired the Legedembi Gold mine from the government through privatization for 172 million dollars in 1997.
Ethiopias only primary gold mines are Lega Dembi and Sakaro, both are located in southern Ethiopia in the Adola Gold Belt. Since commencing operations in 1998, Lega Dembi has produced 2.1 million ounces of gold. The remaining gold resource is estimated at 2.5 million ounces. Sakaro was designed as high grade fill for Lega Dembi and has a ...